Ccompounded monthly, Derek has just retired, and has

Ccompounded monthly

Reference no: EM13665410

Derek has just retired, and has 400000 dollars in his retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly.
At the end of each month, Derek will withdraw a fixed amount to cover his living expenses.

Derek wants his savings to last exactly 30 years. How much money can he withdraw each month?

Reference no: EM13665410

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